I need an energy broker license in a couple states in the north. What states do you have experience in? Also what is the cost per state to file for a license? What is your fee?
Energy brokers licenses are required in about a third of U.S. states. The renewal dates and application fees vary as does the length of the application process. Different states require copies of various documents pertaining to your organization and in some states you are required to obtain a surety bond.
Certain states might not require an energy broker license but could require you to obtain a basic business license to do any type of business in the state. You might need to apply for sales and use tax and if you have employees, you will need to set up withholding tax and possibly unemployment insurance.
We license in all 50 states and can help you determine if you need an energy broker's license in a particular state. First, we would send you a questionnaire to identify which states you will be conducting business. We will then do the license research to determine exactly what you need in each jurisdiction you identified. Our license experts will compile all of the applications for you and provide detailed instructions on how to apply and the fees associated with each application. Should you not want to deal with the hassle of submitting applications to multiple jurisdictions CT Corporation can complete all the applications for you and streamline the process.
The pricing for our services varies depending on the extent of services you wish CT Corporation to perform. You can get a quote by contacting CT Corporation.
Can U.S. energy brokers operate in Canada?
Canadian energy is regulated by the National Energy Board. The NEB is generally responsible for inter-provincial and international matters such as imports and exports of natural gas and oil, inter-provincial pipelines and power lines, and offshore drilling and energy exploration. Domestic production and distribution of energy are left in the hands of the individual provinces, who decide which laws and regulations will ultimately govern their energy sectors. Within each province, energy is regulated by provincial energy boards; however, regulation varies from province to province. Alberta has largely privatized its energy sector, while in Ontario the process is still ongoing, with unregulated prices for large customers and regulated prices for small customers. Other provinces like Manitoba and Quebec regulate energy distribution more strictly, with some provinces choosing to produce and distribute energy entirely on the provincial level through providers referred to as Crown Corporations.
Becoming an energy broker can be a quick process or a complex one, depending on the province where you want to operate. Most provincial energy boards require an application complete with personal financial statements, a security bond, and copies of marketing materials and contracts that your corporation will use. Application fees can range from $800 to $3000. Once you have submitted the appropriate application materials and fees, the licensing board will review your submission and will typically hold a hearing to approve or disapprove your request. The review process can take 90 days or more.
CT Corporation will help your business determine the licenses that are needed and obtain all of the licenses and registrations required, minimizing time-consuming and costly delays. Please contact CT Corporation to obtain a free quote.
How do I obtain a Reinsurance Brokerage License?
In order to obtain a Reinsurance Brokerage (or Reinsurance Intermediary Broker) license an applicant must generally: (1) Complete a NAIC Uniform Individual Application to be registered with the National Insurance Producer Registry; and (2) Pay both the state license application and state license fee. For non-resident applicants, a certification from their home state is often required as well. However, different states have requirements that vary depending upon their respective jurisdiction.
Some states have simplistic requirements. In Massachusetts an applicant must: (1) Complete an application form; and (2) Write a check made payable to the Commonwealth of Massachusetts, Division of Insurance, in the amount of $200.00. For non-resident applicants, a Certificate of Good Standing from your home state indicating you are licensed in good standing as a reinsurance broker is required as well. In Florida, an applicant must: (1) Complete an application for the license and submit appropriate fees. In addition, the applicant must be fingerprinted. Each person applying for the first time in Florida and qualifying for a license as a reinsurance broker shall attach a full detailed credit and character report for the 5-year period immediately prior to the date of application.
Some states have stringent requirements. In Georgia, applicants need to file a Certification Application for Certified Reinsurer. The applicant must be domiciled and licensed to transact insurance or reinsurance in what is called a "Qualified Jurisdiction." A qualified jurisdiction is a jurisdiction that is 1) an accredited jurisdiction in accordance with the NAIC financial and standards accreditation program; 2) qualified by the Commissioner as a qualified jurisdiction in accordance with the standards set forth in Ga. Reg. § 120-2-78-.08(3)(b); or 3) is a jurisdiction that is designated as a qualified jurisdiction by the Reinsurance Task Force, or working group thereof, and published through the NAIC Committee Process. The application fee is $600 for the initial application, and $700 for an annual renewal. There is a litany of additional requirements for licensure as well.
We will help you obtain all the licenses your reinsurance company needs. Our license experts will compile all applications for you and provided detailed instructions on how to apply and the fees associated with each application. CT Corporation can complete all applications for you and streamline the process. Please contact CT Corporation to consult a licensing specialist.
What is a business license?A business license is an approval or permit issued by a government agency that authorizes a business to operate within a specific jurisdiction. This license is often an additional requirement beyond the registration of a business at the state level. Whether a business is required to have a specific license depends on such factors as the nature of the business, types of products sold, and location.
How often do business licenses renew?Businesses are often reliant upon their own compliance tracking to stay on top of renewals. While the licensing jurisdiction may send a renewal notice, entities should not rely on this reminder method. CT Corporation has developed a Client License Information Center, CLiC, to help manage the renewal process and avoid delinquent charges and fines.
How long are business licenses valid?The term of a license is entirely dependent on the type of license. Some licenses are good for the life of the business while others must be renewed annually or every two years. However, laws can change frequently so businesses must stay abreast of changes that affect the term of their license.
What is a sales tax ID?Although Sales and Use Tax registrations would seem to be the most basic of business license filings, the requirements can vary from state to state, county to county and sometimes even by municipality. These applications can be confusing and time consuming. Contact CT Corporation for assistance.
What is an EIN?An EIN is a unique nine digit number assigned by the IRS is used to identify business entities and is also known by other names such as 'Federal Tax Identification Number' and 'Tax Identification Number (TIN)'.